That's right. It's called chromatic aberration. Not sure if there's a "correct" way of doing it, other than the channel splitting method but that's the one I know of. Usually I just grab the green channel and scale it up very slightly. I've done this in several of my more recent pics.. on background only since this effect can be straining on the eyes and make things look blurry. But since the background is blurred anyway, I think it's not that bad :D

No problem. And yes, that's exactly what that effect mimics. It's become very popular/commonplace in digital art and games in recent years. It's kinda funny how something that's actually a flaw is used to "improve" image quality and make things look more realistic :D